{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{longtable}{l*{8}{c}}
\caption*{Table A17: Full Specification for Table A7, Bought Durables Indicator vs. Year-Ahead Expectations, Baseline Sample, GEE Logit estimation}\\
\toprule\endfirsthead\midrule\endhead\midrule\endfoot\endlastfoot
                                             &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
Inflation Expectation                        &       0.118         &       0.096         &       0.090         &       0.120         &       0.102         &       0.125         &       0.116         &       0.120         \\
                                             &     (0.082)         &     (0.076)         &     (0.080)         &     (0.083)         &     (0.083)         &     (0.093)         &     (0.083)         &     (0.084)         \\
Inflation Uncertainty                        &      -0.067         &      -0.051         &      -0.051         &      -0.062         &      -0.028         &      -0.082         &      -0.078         &      -0.093         \\
                                             &     (0.126)         &     (0.125)         &     (0.134)         &     (0.126)         &     (0.135)         &     (0.131)         &     (0.126)         &     (0.137)         \\
Household Income (Log)                       &      -0.628         &      -0.571         &      -0.653         &      -0.583         &      -0.546         &      -0.564         &      -0.583         &      -1.160         \\
                                             &     (0.894)         &     (0.891)         &     (0.909)         &     (0.914)         &     (0.881)         &     (0.883)         &     (0.892)         &     (0.900)         \\
Monthly Payments (Log)                       &      -0.120         &      -0.144         &      -0.129         &      -0.126         &      -0.142         &      -0.154         &      -0.124         &      -0.123         \\
                                             &     (0.233)         &     (0.239)         &     (0.238)         &     (0.230)         &     (0.232)         &     (0.245)         &     (0.236)         &     (0.218)         \\
Expects Interest Rate Increase                              &       0.166         &       0.176         &       0.216         &       0.184         &      -0.027         &       0.241         &       0.187         &       0.165         \\
                                             &     (0.391)         &     (0.415)         &     (0.381)         &     (0.398)         &     (0.371)         &     (0.456)         &     (0.406)         &     (0.413)         \\
Expects Interest Rate Decrease                              &       0.552         &       0.556         &       0.518         &       0.578         &       0.557         &      -0.470         &       0.517         &       0.729         \\
                                             &     (0.922)         &     (0.966)         &     (0.907)         &     (0.903)         &     (0.933)         &     (0.925)         &     (0.910)         &     (0.945)         \\
Real Wage Expectation                        &      -0.086         &      -0.081         &      -0.085         &      -0.087         &      -0.086         &      -0.122\sym{*}  &      -0.088         &      -0.096         \\
                                             &     (0.063)         &     (0.064)         &     (0.066)         &     (0.064)         &     (0.064)         &     (0.068)         &     (0.063)         &     (0.074)         \\
Wage Uncertainty                             &       0.203\sym{**} &       0.203\sym{**} &       0.217\sym{**} &       0.215\sym{**} &       0.198\sym{**} &       0.125         &       0.198\sym{**} &       0.243\sym{**} \\
                                             &     (0.093)         &     (0.090)         &     (0.094)         &     (0.094)         &     (0.092)         &     (0.099)         &     (0.092)         &     (0.104)         \\
No Mortgage Indicator                                &      -0.226         &      -0.306         &      -0.283         &      -0.243         &      -0.176         &      -0.439         &      -0.158         &      -0.483         \\
                                             &     (0.648)         &     (0.683)         &     (0.673)         &     (0.632)         &     (0.648)         &     (0.618)         &     (0.645)         &     (0.669)         \\
Age                                          &       0.004         &       0.005         &       0.005         &       0.005         &      -0.002         &       0.014         &       0.002         &      -0.003         \\
                                             &     (0.025)         &     (0.026)         &     (0.026)         &     (0.024)         &     (0.023)         &     (0.027)         &     (0.024)         &     (0.026)         \\
Non-White                                  &       0.706         &       1.083\sym{**} &       0.518         &       0.795\sym{*}  &       0.990\sym{**} &       0.220         &       0.666         &       0.670         \\
                                             &     (0.477)         &     (0.504)         &     (0.475)         &     (0.481)         &     (0.498)         &     (0.467)         &     (0.479)         &     (0.495)         \\
Female                                     &       0.474\sym{**} &       0.510\sym{*}  &       0.586\sym{**} &       0.406         &       0.375         &       0.570\sym{**} &       0.432\sym{*}  &       0.403\sym{*}  \\
                                             &     (0.237)         &     (0.261)         &     (0.236)         &     (0.256)         &     (0.237)         &     (0.243)         &     (0.234)         &     (0.242)         \\
Retired                                    &      -0.004         &      -0.155         &      -0.021         &      -0.006         &       0.060         &      -0.607         &       0.024         &      -0.083         \\
                                             &     (0.399)         &     (0.400)         &     (0.409)         &     (0.401)         &     (0.391)         &     (0.497)         &     (0.388)         &     (0.406)         \\
Homeowner                                  &      -0.427         &      -0.662         &      -0.381         &      -0.369         &      -0.685         &      -0.425         &      -0.519         &      -0.420         \\
                                             &     (1.454)         &     (1.628)         &     (1.497)         &     (1.401)         &     (1.459)         &     (1.317)         &     (1.462)         &     (1.453)         \\
House Price Expectation                      &       0.012         &       0.012         &       0.013         &       0.012         &       0.016         &       0.006         &       0.008         &       0.012         \\
                                             &     (0.021)         &     (0.022)         &     (0.021)         &     (0.022)         &     (0.022)         &     (0.025)         &     (0.021)         &     (0.021)         \\
Expects Unemployment Increase                                  &      -1.821\sym{***}&      -1.871\sym{***}&      -1.885\sym{***}&      -2.169\sym{***}&      -1.890\sym{***}&      -1.915\sym{***}&      -1.815\sym{***}&      -1.880\sym{***}\\
                                             &     (0.420)         &     (0.449)         &     (0.436)         &     (0.470)         &     (0.433)         &     (0.437)         &     (0.431)         &     (0.407)         \\
Expects Unemployment Decrease                                  &      -0.101         &      -0.078         &      -0.125         &      -0.205         &      -0.019         &      -0.689\sym{*}  &      -0.044         &      -0.089         \\
                                             &     (0.557)         &     (0.564)         &     (0.543)         &     (0.839)         &     (0.543)         &     (0.381)         &     (0.560)         &     (0.603)         \\
Mean Inflation Expectation                   &       0.064         &       0.072         &       0.061         &       0.076         &       0.150         &      -0.063         &       0.054         &       0.064         \\
                                             &     (0.126)         &     (0.114)         &     (0.136)         &     (0.131)         &     (0.132)         &     (0.154)         &     (0.126)         &     (0.129)         \\
Mean Inflation Uncertainty                   &       0.111         &       0.121         &       0.122         &       0.079         &       0.065         &       0.346\sym{**} &       0.165         &       0.184         \\
                                             &     (0.166)         &     (0.150)         &     (0.160)         &     (0.171)         &     (0.170)         &     (0.150)         &     (0.172)         &     (0.182)         \\
Mean Log Household Income                    &       1.733\sym{*}  &       1.678\sym{*}  &       1.851\sym{**} &       1.680\sym{*}  &       1.678\sym{*}  &       1.863\sym{**} &       1.657\sym{*}  &       2.209\sym{**} \\
                                             &     (0.907)         &     (0.898)         &     (0.918)         &     (0.925)         &     (0.913)         &     (0.882)         &     (0.910)         &     (0.927)         \\
Mean Log Monthly Payments                    &      -0.022         &       0.017         &      -0.015         &       0.002         &      -0.007         &      -0.046         &      -0.031         &      -0.005         \\
                                             &     (0.241)         &     (0.246)         &     (0.245)         &     (0.241)         &     (0.238)         &     (0.250)         &     (0.243)         &     (0.228)         \\
Mean Expects Interest Rate Increase          &       0.318         &       0.424         &       0.482         &       0.280         &       0.380         &       0.000         &       0.264         &       0.032         \\
                                             &     (0.541)         &     (0.582)         &     (0.558)         &     (0.553)         &     (0.560)         &     (0.607)         &     (0.546)         &     (0.549)         \\
Mean Expects Interest Rate Decrease          &      -0.042         &      -0.313         &       0.096         &       0.019         &       0.008         &       1.203         &      -0.123         &       0.113         \\
                                             &     (1.045)         &     (1.108)         &     (1.008)         &     (1.050)         &     (1.058)         &     (1.114)         &     (1.050)         &     (1.018)         \\
Mean Real Wage Expectation                   &       0.107         &       0.113         &       0.107         &       0.107         &       0.114         &       0.100         &       0.107         &       0.105         \\
                                             &     (0.070)         &     (0.069)         &     (0.074)         &     (0.071)         &     (0.072)         &     (0.094)         &     (0.069)         &     (0.080)         \\
Mean Wage Uncertainty                        &      -0.310\sym{***}&      -0.319\sym{***}&      -0.324\sym{***}&      -0.308\sym{***}&      -0.303\sym{***}&      -0.256\sym{**} &      -0.321\sym{***}&      -0.365\sym{***}\\
                                             &     (0.106)         &     (0.100)         &     (0.108)         &     (0.109)         &     (0.107)         &     (0.124)         &     (0.105)         &     (0.125)         \\
Mean No Mortgage Indicator                   &       0.102         &       0.289         &       0.165         &       0.287         &       0.007         &      -0.189         &      -0.036         &       0.490         \\
                                             &     (0.851)         &     (0.837)         &     (0.866)         &     (0.895)         &     (0.828)         &     (0.765)         &     (0.849)         &     (0.921)         \\
Mean Homeowner                               &       0.841         &       1.153         &       0.728         &       0.927         &       1.355         &       0.235         &       0.882         &       0.904         \\
                                             &     (1.626)         &     (1.710)         &     (1.676)         &     (1.581)         &     (1.687)         &     (1.430)         &     (1.622)         &     (1.618)         \\
Mean House Price Expectation                 &       0.071\sym{**} &       0.060\sym{*}  &       0.078\sym{**} &       0.073\sym{**} &       0.071\sym{**} &       0.085\sym{**} &       0.074\sym{**} &       0.089\sym{***}\\
                                             &     (0.033)         &     (0.035)         &     (0.035)         &     (0.035)         &     (0.034)         &     (0.033)         &     (0.033)         &     (0.034)         \\
Mean Expects Unemployment Increase           &       1.870\sym{***}&       1.833\sym{***}&       1.920\sym{***}&       1.848\sym{***}&       2.034\sym{***}&       1.462\sym{**} &       1.773\sym{***}&       1.957\sym{***}\\
                                             &     (0.583)         &     (0.601)         &     (0.637)         &     (0.597)         &     (0.584)         &     (0.605)         &     (0.600)         &     (0.601)         \\
Mean Expects Unemployment Decrease           &      -0.412         &      -0.580         &      -0.415         &      -0.353         &      -0.373         &      -0.505         &      -0.468         &      -0.578         \\
                                             &     (0.827)         &     (0.803)         &     (0.818)         &     (0.892)         &     (0.806)         &     (0.691)         &     (0.846)         &     (0.867)         \\
No College                                 &      -1.120\sym{**} &      -1.021\sym{**} &      -1.078\sym{*}  &      -1.247\sym{**} &      -1.018\sym{**} &      -0.915\sym{*}  &      -1.016\sym{*}  &      -1.205\sym{**} \\
                                             &     (0.496)         &     (0.507)         &     (0.601)         &     (0.580)         &     (0.504)         &     (0.507)         &     (0.531)         &     (0.513)         \\
No College $\times$ Inflation Expectation  &      -0.496\sym{***}&      -0.456\sym{***}&      -0.413\sym{***}&      -0.482\sym{***}&      -0.489\sym{***}&      -0.473\sym{***}&      -0.495\sym{***}&      -0.442\sym{***}\\
                                             &     (0.112)         &     (0.114)         &     (0.156)         &     (0.111)         &     (0.111)         &     (0.109)         &     (0.113)         &     (0.102)         \\
No College $\times$ Inflation Uncertainty  &       0.403\sym{**} &       0.366\sym{**} &       0.334         &       0.373\sym{**} &       0.385\sym{**} &       0.346\sym{**} &       0.340\sym{*}  &       0.363\sym{**} \\
                                             &     (0.163)         &     (0.162)         &     (0.225)         &     (0.159)         &     (0.170)         &     (0.159)         &     (0.195)         &     (0.157)         \\
Mean Log Household Income $\times$ Inflation Expectation&      -0.183\sym{***}&      -0.190\sym{***}&      -0.171\sym{***}&      -0.195\sym{***}&      -0.173\sym{***}&      -0.259\sym{***}&      -0.174\sym{***}&      -0.170\sym{***}\\
                                             &     (0.042)         &     (0.044)         &     (0.048)         &     (0.047)         &     (0.048)         &     (0.060)         &     (0.043)         &     (0.041)         \\
Mean Log Monthly Payments $\times$ Inflation Expectation&      -0.013         &      -0.008         &      -0.019         &      -0.014         &      -0.016         &      -0.018         &      -0.016         &      -0.015         \\
                                             &     (0.016)         &     (0.017)         &     (0.016)         &     (0.018)         &     (0.016)         &     (0.018)         &     (0.017)         &     (0.017)         \\
Mean No Mortgage Indicator $\times$ Inflation Expectation&      -0.198\sym{**} &      -0.177\sym{*}  &      -0.182\sym{*}  &      -0.212\sym{**} &      -0.206\sym{**} &      -0.247\sym{**} &      -0.197\sym{**} &      -0.224\sym{**} \\
                                             &     (0.095)         &     (0.093)         &     (0.100)         &     (0.099)         &     (0.097)         &     (0.117)         &     (0.098)         &     (0.102)         \\
Regional Gas Price Inflation                 &                     &       0.014         &                     &                     &                     &                     &                     &                     \\
                                             &                     &     (0.054)         &                     &                     &                     &                     &                     &                     \\
Lagged Inflation Expectation                 &                     &                     &       0.043         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.056)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Expectation&                     &                     &      -0.252         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.171)         &                     &                     &                     &                     &                     \\
Lagged Inflation Uncertainty                 &                     &                     &      -0.045         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.150)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Uncertainty&                     &                     &       0.134         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.250)         &                     &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Increase            &                     &                     &                     &       0.785         &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.661)         &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Decrease            &                     &                     &                     &       0.203         &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.835)         &                     &                     &                     &                     \\
Constant                                     &      -1.653         &      -1.979         &      -1.761         &      -1.765         &      -1.546         &      -1.608         &      -1.454         &      -0.680         \\
                                             &     (1.688)         &     (1.808)         &     (1.736)         &     (1.670)         &     (1.618)         &     (1.860)         &     (1.676)         &     (1.684)         \\
\midrule
Correlated Random Effects                    &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Chi$^2$                                      &      933.21         &      953.73         &     1023.29         &      839.72         &      836.42         &      935.00         &     1134.90         &      782.13         \\
P Value                                      &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         \\
Sample Size                                  &        1084         &        1084         &        1084         &        1084         &        1070         &         990         &        1069         &        1007         \\
\bottomrule \caption*{\normalsize \doublespacing Standard errors in parentheses. \\ \textit{Note:} Each column includes time fixed effects. All means refer to within-subject means. Model (1) is unaltered. Model (2) includes gas price inflation and regional controls. Regional controls are omitted. Model (3) includes the lagged inflation expectation and lagged inflation uncertainty and their interactions with the no college indicator. Model (4) includes the interactions of the unemployment expectations indicators with the no college indicator. Model (5) restricts to the overlap sample between the durables and nondurables samples. Model (6) restricts to households in the durables sample with more than 5 observations. Model (7) excludes months with outlier median inflation expectations: June 2010, March 2011, September 2011, February 2012. Model (8) excludes observations from 2009, in which the durable sample's spending patterns were most different from the CES. Robust standard errors are clustered at the level of the individual respondent. \sym{*} \(p<0.10\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\) }
\end{longtable}
}
